Bitmain Bitcoin Mining Titan Sets Industry Standard With Four New Policies
Bitmain, the world's largest Bitcoin mining and ASIC producer entity has issued new guidelines on shipping and mining practices. The company which concluded its series B funding round not long ago is worth $16 billion.
We've just published our Transparency Policy for Shipping and Mining Practices. It includes our disclosure of 'self-mining' hashrate for all blockchains that we mine, commitment to greater transparency and zero-tolerance policy on 'secret mining'. Read on: https://t.co/2ajHpYeCJ4
— BITMAIN [Not giving away ETH] (@BITMAINtech) July 25, 2018
The Satoshi mining giant came up with the following four policies:
- Disclosure policy on self-mining
- Zero tolerance policy against ‘secret mining’
- To never seek to mine ‘empty blocks’
- Provide shipping and volume information of new miners to the public
Concerning the first policy, the Hong Kong Based outfit has indicated that it will come out with a report on both the algo the company is mining with and the total hash-rate of each Bitcoin-hardware every 30 days.
According to the release the 2nd policy will deal with ASIC manufacturers who utilize latest developed equipment prior to release and sales of the product. It insists the act gives more gain to the manufacturer than the mining affiliates. Bitmain vowed to keep their ‘Zero Tolerance Policy' and resolved to root out the abominable practice.
On the 3rd policy, the company assured the mining public it will come out with a statement if they come up with an irregular or unreasonable pace of empty blocks by any mining pool.
For the last policy, Bitmain claims once again it will publish a report relating to the shipping and quantity information of all recent miners of the initial design. It was explained that the report will be made available on the official Twitter page of Bitmain's Antminer account.
More so, it will be announced for all series and shipment combined with the payment timestamps. The rationale behind the company's choice of the model is that it will have the greatest influence on the network complexity of the Blockchain as the initial miners using the ASIC design.
Besides, the mining company has issued information about the past 30 days hash-rate controlled by the company in accordance to its primary policy. The report has it that the company has three hash-rate, SHA256, ETHASH and SCRYPT.
These policies come at the backdrop of Bitmain being accused of secret mining for some time now, a couple of months ago. The allegation against the company affirms that they employed new mining machines before they go public for sale or distribution. But, the CEO of Bitmain, Jihan Wu, vehemently disputed the complaint and argued that the firm had a small-scale experiment and that a secret mining is not a component of their policy.